Categories: Business

CBN Grants Flutterwave Payment Processing Licence

Flutterwave, one of Africa’s leading payment technology companies has been granted a Switching and Processing Licence by the Central Bank of Nigeria (CBN).

The licence allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.
According to a statement, the Switching and Processing licence allows Flutterwave to enable transactions between banks, fintechs and other financial institutions.

It noted that the company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting on the development, the CEO and Founder of Flutterwave, Olugbenga Agboola said, “This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”

Also, Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said, “We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business.

“As a switch, we have more responsibilities and will continue to work with regulators to ensure we meet and exceed their expectations.”

Reacting to the news, the company’s Head of Product Marketing, Onyedikachim Nwankwo, said, “The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this licence, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”

The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.

Follow us on:

AriseNews

Recent Posts

Iraq’s Population Hits 45.4 Million In First Census In Over 30 Years

Iraq's population has reached 45.4 million, according to its first nationwide census in over 30…

17 mins ago

The Crisis In Rivers State Will Not Go Away Soon, Only President Bola Tinubu Can Resolve It, Says Oshoma

Liborous Oshoma has said that a resolution in Rivers State hinges on President Tinubu’s intervention,…

22 mins ago

Three Arrested in UAE Over Murder of Rabbi Zvi Kogan, Israeli-Moldovan Chabad Emissary

Three arrests have been made in connection to the murder of Rabbi Zvi Kogan in…

3 hours ago

Larry Auerbach, Legendary William Morris Agent, Dies at 95

Larry Auerbach, renowned agent at William Morris and USC mentor has passed away at 95,…

3 hours ago

One Dead, Three Injured As Cargo Jet Crashes In Lithuania

One person has died, and three others were injured following a cargo jet crash in…

3 hours ago

South African Anti-Apartheid Writer Breytenbach Dies Aged 84

Renowned South African writer and anti-apartheid activist Breyten Breytenbach has died, leaving behind a powerful…

4 hours ago